Shares of AeroClean Technologies (NASDAQ:AERC) retreated 21% in morning trading Wednesday, the day after they soared 85% on news that the company was merging with fellow air purification device developer Molekule.
AeroClean shares opened at $4.61, dipping to a low of $4.22 mid-morning. The stock recently changed hands at $4.67 at approximately 11:10 a.m. ET.
Shares of the air sanitization device maker shot up 85% to close at $5.94 on Tuesday, the first trading session after the company announced plans to merge with privately held Molekule through an all-stock deal.
Shares of the combined company, which will be called Molekule, are expected to trade under the symbol MKUL. The deal is expected to close during the first half of 2023.
AeroClean (AERC) held its initial public offering on Nov. 24 , raising $25M. The shares rocketed to close nearly 700% higher following their market debut.
Image and article originally from seekingalpha.com. Read the original article here.